South Korea, Australia central banks renew currency swap agreement

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FILE PHOTO: The logo of the Bank of Korea is seen on the top of its building in Seoul, South Korea, March 8, 2016. Picture taken on March 8, 2016. REUTERS/Kim Hong-Ji/File Photo

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SEOUL (Reuters) — South Korea’s central bank said it renewed on Monday a currency swap agreement with its Australian counterpart, valued at 9.6 trillion won or A$12 billion, for five years until early 2028.

The agreement, first signed in 2014, allows either party to exchange funds in own currency for the other currency under pre-set terms.

The Bank of Korea and the Reserve Bank of Australia have since renewed the agreement several times.

($1 = 1,246.9200 won)

($1 = 1.4432 Australian dollars)

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